MARC has affirmed its AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) outstanding RM61 million Istisna’ Serial Bonds with a stable outlook. The affirmed rating and outlook reflect the irrevocable and unconditional undertaking by the Sarawak state government, via its State Financial Secretary (SFS), to provide timely cashflows to meet repayments for...

MARC has withdrawn its MARC-1IS rating on Malakoff Power Berhad's (MPower) RM300 million Islamic commercial papers (ICP) programme. The rating withdrawal follows the cancellation of the ICP programme following the full redemption of all outstanding notes under the programme on April 18, 2014 as confirmed by the facility agent on August 25, 2014.Going forward, MARC’s rating surveillance on MP...

MARC has withdrawn its AA-ID/Stable rating on Serrisa Sinar Berhad’s RM20.0 million Junior Islamic Medium-Term Notes (IMTN) Facility (Junior Notes facility).  The rating withdrawal follows the final redemption of the outstanding RM5.0 million under the facility on August 19, 2014 and the cancellation of the facility on August 21, 2014 as confirmed by the facility agent.Upon the cancella...

MARC has assigned a preliminary rating of AA+IS to CIMB Islamic Bank Berhad’s (CIMB Islamic) proposed RM5.0 billion Basel III-compliant Tier 2 Junior Sukuk (Proposed Junior Sukuk) programme. The bank’s financial institution (FI) ratings and corporate debt rating on its existing RM2.0 billion Tier 2 Junior Sukuk (Junior Sukuk) programme were affirmed at AAA/MARC-1 and AA+IS respectively...

MARC has affirmed the long-term and short-term financial institution (FI) ratings on CIMB Bank Berhad (CIMB Bank) at AAA/MARC-1 and the ratings of all corporate debt issuances by the bank; the full list of these issuances is given at the end of this section. CIMB Bank’s existing subordinated debt and hybrid securities are notched down from the bank’s FI rating in accordance with MARC&r...

MARC will assess the credit implications of Sime Darby Berhad’s (Sime Darby) proposed acquisition of a 48.97% stake in New Britain Palm Oil Limited (NBPOL) on the plantation group’s financial metrics pending full information on the acquisition deal. The impact of the acquisition on Sime Darby’s current ratings will be factored in the forthcoming annual rating review. In the meant...

MARC has affirmed its rating on the outstanding RM87.4 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDs) of Talam Transform Berhad (Talam, formerly known as Trinity Corporation Berhad) at B-ID with a stable outlook. The rating incorporates Talam’s limited business prospects in property development, its sizeable financial obligations relative to earnings and its continued ...

MARC has withdrawn its ratings of MARC-1ID/AAID on Serrisa Sinar Berhad’s (Serrisa Sinar) RM200.0 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Facility (Senior Notes facility). The rating withdrawal follows the full redemption of the outstanding RM5.0 million Senior Notes on July 21, 2014 and the cancellation of the facility on July 25, 2014 as confirmed by the fa...

MARC has affirmed the AAA rating on Special Port Vehicle Berhad’s (SPVB) RM1,310.0 million nominal amount asset-backed serial bonds facility with a negative outlook. The rating action affects the outstanding bonds of RM610.0 million. The bonds are backed by deferred payment receivables from Port Klang Authority (PKA) based on the sale and purchase of a 999.5-acre leasehold land on Pulau Inda...

MARC has assigned a foreign currency sovereign rating of ‘AA-’ with a stable outlook to the Republic of Indonesia based on the rating agency’s national rating scale. The government of Indonesia (GoI) has no debt rated by MARC. The country ceiling applies to ringgit-denominated issuances by entities domiciled in Indonesia to reflect the transfer and convertibility (T&C) risk i...